(A) Waiver and alternative. The City Council, in its discretion, may waive the requirement that the applicant complete and dedicate all public improvements prior to the signing of the subdivision plat, and in the alternative, post a performance bond or other financial assurance satisfactory to the City Council at the time of application for final approval in an amount estimated by the Council as sufficient to secure to the city the satisfactory construction, installation and dedication of the uncompleted improvements. The financial assurance shall also secure all lot improvements on the individual lots of the subdivision as required in these regulations. The financial assurance shall accompany a development agreement.
(B) Financial assurances.
(1) Such financial assurance shall comply with all statutory requirements and shall be satisfactory to the City Attorney as to form, sufficiency and manner of execution as set forth in these regulations.
(2) The period for such financial assurance and completion of the development plan shall be specified by the City Council.
(3) Such financial assurance shall be approved by the City Council as to amount, surety and conditions. The applicant’s engineer shall provide a list of estimated quantities and costs for each improvement to assist in establishing the amount of financial assurance.
(4) The Planning and Zoning Commission may, upon proof of difficulty, recommend to the City Council extension of the completion date set forth in such financial assurance for a maximum period of one year.
(5) The City Council may at any time during the period of such financial assurance accept a substitution of principal or sureties on the financial assurance.
(Prior Code, § Q-12-510)